Who Wintermute is
Wintermute is an algorithmic trading firm founded in 2017, with offices in London, New York and Singapore. It trades across centralised and decentralised venues, and through its OTC desk it quotes spot crypto, options, forwards and CFDs to institutions, across a wide range of tokens.
Brokers, banks, funds, exchanges and crypto projects trade with it through Node, its web and mobile platform, or programmatically over FIX. That is why it is one of the providers our FX module and matching engine connect to.
What it does in your platform
FX
Quotes the crypto side of conversions. Wintermute's streamed two-way quotes join your other sources, and conversions that have already booked in your ledger are covered with Wintermute in the background.
Matching engine
Stands behind quieter pairs. Its streamed quotes can back a pair's order book from the first day, and, under an agreement with you, its trading team can also trade on your venue through the engine's FIX and WebSocket APIs like any other professional trader.
How the connection works
The connectors talk to Wintermute over its FIX API, which carries streamed quotes, requests for quote and trade reporting. Wintermute's credentials stay in your platform's secrets.
Quotes stream in
Wintermute streams two-way quotes for the pairs you trade, and the module reads them next to your other sources.
A customer converts
Your app shows the rate with your margin and holds it for the quote window. On confirm, the conversion books in your ledger at once.
A request for quote
To cover it, the module requests a quote from Wintermute. Its quotes can carry a custom hold time, agreed with Wintermute.
The trade is done
The module accepts the quote, for one conversion or a netted batch, and books Wintermute's fill to your ledger.
Settlement and credit
Trades settle on the flexible terms agreed with Wintermute, which can include a credit line. Wintermute reports trade history, balances, positions and credit use in real time, and your treasury team sees your side in the admin backoffice.
Next to other providers
In the FX module, Wintermute is one of the crypto liquidity providers, with B2C2, Cumberland, Coinbase Prime and Kraken. The module compares their quotes, executes with the best, and keeps quoting if one of them stalls.
In the matching engine, it sits with Binance, Kraken, OKX, Coinbase Prime and B2C2 as external liquidity, while your own market makers connect through the same FIX and WebSocket APIs. Adding a provider next to Wintermute, or moving away from it later, does not change your apps or your traders' integrations.
When Wintermute fits best
A strong fit when
- You list many tokens and want a counterparty that quotes a wide range of them, alt-coins included.
- Your team already trades over FIX and wants liquidity on the same protocol.
- You want quotes held for an agreed time and settlement on flexible terms.
Also worth a look
- B2C2 or Cumberland, other liquidity providers from the same group, quoting next to Wintermute.
- An exchange's order book, such as Kraken's or Binance's, when you would rather mirror a venue.
How we get you live
The contract
We help you get your Wintermute account and contract in place, with the credit and settlement terms that fit your volumes.
The pairs
We set up with you the pairs Wintermute quotes in each module, the quote hold times, your margins on conversions and the limits on outside liquidity in each order book.
The keys
Wintermute's FIX credentials go into your platform's secrets and nowhere else.
A full test run
First trades are small and followed end to end, from a customer's confirm to your ledger and settlement, before conversions open to all your customers.
